Immunefi Debuts 'Vaults' On-Chain System to Boost Bug Bounty Rewards for White Hat Hackers
Summary:
Immunefi, a blockchain security platform, has introduced a new on-chain system known as "Vaults" for bug bounties. The system enables Web3 developers to deposit funds to reward white hat hackers who discover vulnerabilities in their software. Immunefi launched the system to help projects confirm that they have allocated sufficient fund for rewards, which should encourage more substantive bug reports. On the Vaults' launch, $1 million was deposited by Ethereum infrastructure provider SSV to pay bug bounties for its software, while decentralized exchange Ref Finance also uses the new system.
Immunefi, a blockchain security platform, has introduced an on-chain system named "Vaults" for bug bounties, as per an announcement made on September 26. The system permits Web3 developers to keep funds in a secured on-chain address and offer these funds as bug bounties to ethical hackers. The creators of the system believe that showing hackers that sufficient funds have been set aside to reward them will lead to the submission of a greater number of high-quality bug reports.
A common practice among software developers, bug bounties offer incentives to hackers who can uncover potential threats or bugs in their software. This can potentially allow developers to rectify vulnerabilities before they're misused. Ethical hackers, known as "white hat" hackers, are the ones who submit bug reports to claim rewards, as opposed to "black hat" hackers who might use their knowledge for harmful purposes.
The new system by Immunefi facilitates the transfer of bug bounty funds to a Safe multisig intelligent contract, previously known as a "Gnosis Safe". This gives white hat hackers concrete proof that funds are secured for their rewards. Following the identification and validation of a bug by a project, these secured funds can then be dispersed to the hacker's wallet.
Upon Vault's launch, Ethereum infrastructure provider SSV pledged a $1 million deposit to help compensate bug bounties for its software. Decentralized exchange Ref Finance, based on the Near network, has also adopted the new system. SSV DAO contributor Eridian suggested that on-chain bug bounties can enhance security for the DAO's validation services, commenting that the Vault system provides additional assurance for researchers taking part in their bounty program while helping to bolster the protocol further.
In December 2022, Immunefi indicated that it had overseen $66 million worth of bug bounty pay-outs since it was first established. Additionally, LayerZero launched a $15 million bug bounty through Immunefi on May 17.
Published At
9/26/2023 2:00:00 PM
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